Oriental Professional Indemnity Insurance
The Oriental Insurance Company Ltd has a rich history, starting from its incorporation in Bombay in 1947. The Oriental Government Security Life Assurance Company Ltd. originally owned the company. However, it was formed to carry out the General Insurance business. Here we will tell you about Oriental Professional Indemnity Insurance.Read more
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Highlights of Oriental Professional Indemnity Insurance
Here are a few highlights of this insurance policy:
- It covers liabilities arising from errors and omissions during professional services.
- The continuous renewal of the policy provides the benefit of a Retroactive period.
- Claims reported during subsequent renewals but about an earlier period become payable.
- Group policies can be issued to cover members of one profession.
- Group discounts on premiums are available based on the number of members included in the policy.
- This policy provides professionals with financial protection against unexpected liabilities and enables them to practice their work with peace of mind.
Oriental Professional Indemnity Insurance: Inclusions
The policy provides coverage for the following perils:
- The policy protects professionals from legal liabilities that may arise from errors or omissions during professional services
- The policy covers the costs of damages that the insured professional is legally obligated to pay to a third party
- The policy also covers legal costs and expenses incurred in defense of the case, subject to the overall limit of indemnity selected and with the insurance company's consent
- The policy only covers civil liability claims, not a criminal liability or any violation of the law or ordinance
- This policy provides professionals with protection against unforeseen legal liabilities and allows them to work with peace of mind.
Oriental Professional Indemnity Insurance: Exclusions
The policy does not provide coverage for the following perils:
- Contractual liability
- Intentional non-compliance with statutory provisions
- Loss of goodwill
- Slander, Libel
- False arrest
- Mental injury
Oriental Professional Indemnity Insurance: Claim Process
If you need to make a claim on professional indemnity insurance, follow these steps:
- Firstly, inform the insurance company of the incident.
- Fill out and sign the claim form and get it stamped by the insurer.
- The insurance company will send a surveyor to examine the situation that led to the claim.
- Cooperate with the surveyor and provide any information they require, including what caused the incident.
- If you receive any legal or formal letters, share them with the surveyor.
- If any legal proceedings have been initiated as a result of the incident, inform the surveyor.
- Provide an estimated loss amount to the insurer.
- If the loss is covered by the insurance policy, the insurer will settle the claim within the specified time frame.
Oriental Professional Indemnity Insurance: FAQs
Ans: No, the policy only covers civil liability claims, not criminal liability claims or any violation of the law or ordinance.
Ans: The continuous renewal of the policy provides the benefit of a Retroactive period. Claims reported during subsequent renewals but about an earlier period become payable.
Ans: Yes, self-employed professionals can purchase the policy, and it is highly recommended for them as they are solely responsible for the services they provide.
Ans: Yes, the policy can be cancelled or terminated before the expiry date by either the insured or the insurer, subject to the terms and conditions of the policy.
Ans: The time taken to settle a claim under the policy depends on the nature and complexity of the claim and the completeness of the documentation provided by the insured. However, the insurer aims to settle the claim within a reasonable time frame.